The NHP Foundation has finalized a $53-million recapitalization to renovate the 97-year-old Mark Twain Hotel. NHPF acquired the mixed-use property in 2016 as part of Chicago’s Single-Room Occupancy and Residential Hotel Preservation Ordinance of 2014.
The circa-1932 Near North property, located at the intersection of North Clark and West Division streets, will contain 148 income-restricted studio apartments and seven retail stores once the year-long renovation is complete.
The recap was made possible by the Bellwether Enterprise, Chicago Community Loan Fund, the City of Chicago, ComEd, Enterprise Community Investment, the Chicago Housing Authority and NHPF.
“Partnering with NHPF and the City of Chicago on this project allows Bellwether Enterprise to continue preserving one of Chicago’s greatest strengths: its diverse housing stock, especially in this neighborhood,” said Bellwether Enterprise SVP Victor E. Agusta Jr. The Sinclair, a recently- built luxury residential tower, is located across the street.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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